Below is a list of account balances for Currie Hospital as of December 31, 2013.
ID: 2779161 • Letter: B
Question
Below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare a balance sheet as of December 31, 2013, in proper form. (Hint: You will need to compute the net assets account. Assume that all net assets at the beginning of the year are unrestricted.)
You may use either a Word document or an Excel spreadsheet to construct the balance sheet.
Account
Balance
Gross plant & equipment
$6,000,000
Accounts payable
130,000
Inventories
100,000
Other current liabilities
70,000
Net accounts receivable
650,000
Accrued expenses
100,000
Accumulated depreciation
200,000
Long-term debt
5,000,000
Cash
210,000
Account
Balance
Gross plant & equipment
$6,000,000
Accounts payable
130,000
Inventories
100,000
Other current liabilities
70,000
Net accounts receivable
650,000
Accrued expenses
100,000
Accumulated depreciation
200,000
Long-term debt
5,000,000
Cash
210,000
Explanation / Answer
Ans
Assets Amount Amount Current Assets Cash & Cash equivalents 2,10,000.00 Net Accounts Receivable 6,50,000.00 Inventories 1,00,000.00 Total Current Asets 9,60,000.00 Investment - Plant, Propert and Equipment 60,00,000.00 Less: Accumulated Depeciation 2,00,000.00 Net Plant,Propert and Equipment 58,00,000.00 Total Assets 67,60,000.00 Liabilities and Stockholders equity Accounts Payable 1,30,000.00 Accrued Expense 1,00,000.00 Other Current Liabilities 70,000.00 Total Current Liabilities 3,00,000.00 Long term Debt 50,00,000.00 Net Assets(Equity) 14,60,000.00 Total Liabilities and Stockholders equity 67,60,000.00Related Questions
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